Domestic silver price
As of 9:50 a.m. on October 30, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Co., Ltd. (Sacombank-SBJ) was listed at 1.827 - 1.875 million VND/tael (buy - sell); an increase of 9,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.820 - 1.876 million VND/tael (buy - sell); an increase of 6,000 VND/tael in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 48.533 - 50.026 million VND/kg (buy - sell); an increase of 160,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:45 a.m. on October 30 (Vietnam time), the world silver price was listed at 47.37 USD/ounce; up 0.9 USD compared to yesterday morning.
Causes and predictions
Silver prices increased again in the morning trading session. According to market analyst Ghiles Guezout at FXStreet, the precious metal benefits as demand for safe-haven assets increases, amid geopolitical tensions and financial uncertainty in the US.
The expert added that lower interest rates make the US dollar and bond yields weaken, thereby making gold and silver - non-yielding assets - more attractive.
"Although US-China trade talks have shown positive signs, political and financial instability in Washington, especially the US government's closure lasting until the fourth week, has boosted demand for safe-haven assets," said Ghiles Guezout.
Kitco expert Jim Wyckoff said that with December futures, investors expect prices to increase beyond the strong resistance level of 50 USD/ounce. On the contrary, the sellers are aiming for a price close below the important support level of 45 USD/ounce.
"For now, the resistance zone is close to $48.51/ounce, then $49/ounce; while the support levels are determined at 46.92 USD/ounce and 45.51 USD/ounce" - Jim Wyckoff expressed his opinion.
See more news related to silver prices HERE...
